XRP Price Structure Completes Correction as Wave 3 Begins

Ripple Labs announced it will discontinue its appeal in the case with the US SEC, impacting XRP's market dynamics. Market technician CasiTrades identified that XRP's recent price movement indicates a transition into "wave 3" of its Elliott Wave pattern.

Key points include:

XRP hit $2.07, aligning with multiple Fibonacci retracement levels before rebounding to $2.19, marking a 4% increase from Friday.
The next significant resistance level is $2.25, which, if surpassed, could signal a strong bullish phase.
CasiTrades outlined two potential price paths: a rise to $2.30 followed by a pullback to $2.25, or a direct move towards $2.45–$2.69.
A decisive break above $2.25 may lead to further gains, with historical resistances at $2.60-$2.70 and psychological milestones at $3.00 and $3.40.
Ripple’s legal situation remains complex despite the recent ruling, which keeps the injunction intact and requires ongoing compliance efforts.

As of now, XRP stands at $2.19, with traders anticipating further developments around the $2.25 level.